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AlexFokin [52]
2 years ago
13

Purely competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run equi

librium. The economy now goes into a recession and average incomes decline. The result will be.
Business
1 answer:
jasenka [17]2 years ago
5 0

Answer:

increase in output, but not in the equilibrium price of the product. 

Explanation:

The options weren't provided. The full question can be found here - https://www.chegg.com/homework-help/questions-and-answers/perfectly-competitive-industry-x-constant-costs-product-inferior-good-industry-currently-l-q39354625

An inferior good is a good whose demand increases when income falls and whose demand falls when income rises.

When average income falls, the demand for good X rises. The level of output increases as a result of the rise in demand but price doesn't change.

I hope my answer helps you.

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